The implications of Emir and Dodd-Frank for Asia’s CCPs

Flight risk

Keith Noyes, Isda

Both the European Market Infrastructure Regulation (Emir) Article 25 and Section 5b of the Commodity Exchange Act (CEA) as modified by the Dodd-Frank Act contain prescriptive rules that may prevent covered persons from participating in third-country clearing houses that have not applied for recognition by the European Securities and Markets Authority (Esma) in the European case or that are not registered as a derivatives clearing organization (DCO) in the US case.

The net effect of this could we

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